Stocks Extend Losses, Crash Below Key Technical Level

Update 1320ET: US equity market have accelerated lower in the last hour as various European nations move to deepen their lockdown levels and WHO Chief Tedros calls for "sacrifice" to meet resurging COVID cases worldwide.

Pushing Nasdaq to 3-week lows...

The Dow, Nasdaq, and S&P all broke below their 50DMA...

The combination of a stimulus stalemate, Tyrannical responses to a renewed COVID case wave (note the death rate remains flat), and the fading hopes for a 'blue wave' are all triple-whammying market optimism.

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Update 1035ET: WH Economic Advisor Larry Kudlow - normally full of market-buffering optimism - admitted that there "remains a number of areas in Pelosi's cornonavirus plan that Trump cannot accept" - something we all knew for weeks, but this has taken the shine off Nasdaq's renaissance and sent the rest of the market legging lower once again...

The Dow and Small Caps are down around 1.9% from Friday's close and Nasdaq is tumbling back towards the lows of the day...

...well that re-escalated quickly!

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Update 1015ET: The COVID-reflation trade is back as value is puked...

And momo is soaring...

Algos have stormed Nasdaq into the green... (but it's not holding)...

And at the same time, large-cap (Dow) and small-cap (Russell 2000) stocks are plunging...

Meanwhile, bonds haven't moved.

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The algos are large and in charge this morning, as they ramp Nasdaq back to overnight highs...

Small Caps and The Dow are being dumped as Nasdaq explodes...

Sorry but WTF!!!